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international business
Biden nominates former MasterCard chief Ajay Banga to be next World Bank president
FILE PHOTO: Mastercard President and CEO Ajay Banga speaks to attendees during the Department of Homeland Security's Cybersecurity Summit in Manhattan, New York, U.S., July 31, 2018. REUTERS/Eduardo Munoz/File Photo
international business
World Bank slashes 2023 growth forecasts as it warns global economy could easily tip into recession
FILE - Container cranes at a port in New Jersey appear behind the Statue of Liberty, Sunday, Nov. 20, 2022, in New York. The global economy will come "perilously close" to a recession this year, led by weaker growth in all the world's top economies — the United States, Europe and China — the World Bank warned Tuesday.(AP Photo/Julia Nikhinson, File)
asia-pacific business
China says it will implement policies to support 2023 economic growth
FILE PHOTO: People walk by office towers in the Lujiazui financial district of Shanghai, China October 17, 2022. REUTERS/Aly Song/File Photo
economy
World Bank slashes global growth forecast to 2.9%, warns of ‘stagflation’ risk
FILE PHOTO: World Bank President David Malpass attends a news conference at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence Lo
world
G20 pandemic fund ploughs ahead amid fears world not ready for future threats
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo
international business
World Bank to offer $30-billion over 15 months to ease looming food crisis: Treasury report
(FILES) In this file photo taken on April 13, 2022, the World Bank headquarters in Washington, DC, on April 13, 2022. - The World Bank on May 18, 2022, announced an additional $12 billion in funding for projects to address the global food security crisis, bringing the total to $30 billion. (Photo by Stefani Reynolds / AFP) (Photo by STEFANI REYNOLDS/AFP via Getty Images)
international business
Food and fuel price shocks linked to war in Ukraine to last through end of 2024, World Bank says
FILE - A car stops in a gas station where prices are up to 2,75 euros per liter (US dlrs. 3.04) in Marseille, southern France, Wednesday, March 9, 2022. Shocking pictures from the Ukrainian town of Bucha and accusations of Russian war crimes are building pressure for more sanctions against Moscow, Monday, April 4, 2020. A key potential target: Russian oil and natural gas, and the $850 million that European importers pay for those supplies every day. But it's not so easy, given Europe's dependence on Russian energy. (AP Photo/Jean-Francois Badias, File)
international business
World Bank cuts global growth forecast for 2022 due to impacts from Russia’s invasion of Ukraine
FILE PHOTO: World Bank President David Malpass attends the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 3, 2021. REUTERS/Yves Herman
world
IMF, World Bank, WFP and WTO call for co-ordinated action on food security
Ukrainian volunteers prepare to deliver food inside a complex, set up as a shelter, amid Russia's invasion of Ukraine, in Zaporizhzhya, Ukraine, April 13, 2022. REUTERS/Ueslei Marcelino
international business
World Bank to send $1.5-billion support package to Ukraine as food, energy prices spike
FILE PHOTO: World Bank President David Malpass attends a news conference at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence Lo/File Photo
international business
Ukraine war may prompt grain shortages in poor countries: World Bank
A combine deposits harvested wheat in a tractor trolley at a field on the outskirts of Ahmedabad, India, March 16, 2022. REUTERS/Amit Dave
international business
World Bank moves to release US$600-million in frozen funds for Afghan aid
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo
international business
World Bank sees ‘significant’ inflation risk from high energy prices
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo
world
International Monetary Fund board decision hangs over managing director as IMF-World Bank annual meetings begin
(FILES) In this file photo taken on October 15, 2019, International Monetary Funds (IMF) Managing Director Kristalina Georgieva pauses while speaking about gender equality during the IMF and World Bank Fall Meetings in Washington, DC. - The IMF executive board will meet Sunday to hear from a law firm whose investigators concluded that managing director Kristalina Georgieva manipulated data in favor of China while she held a senior role at the World Bank, a source close to the case said on October 9, 2021. (Photo by Olivier Douliery / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)
international business
Investors rattled by probe finding that World Bank chiefs manipulated China’s score in business-rating report
FIEL - In this Sept. 6, 2021, file photo, Kristalina Georgieva, managing director of the International Monetary Fund, delivers a speech during the opening ceremony for the Floating Office where a high-level dialogue on climate adaptation takes place in Rotterdam, Netherlands. The World Bank is canceling a prominent report on business conditions around the world after investigators found staff members were pressured by the bank’s leaders to alter data about China and some other governments. Georgieva said she disagreed with the findings. (AP Photo/Peter Dejong, File)
international business
Protect nature or face huge financial losses, World Bank says
A man prepares cuttings for reforestation in the classified forest of Tene near Oumé, south western region in Ivory Coast, on May 19, 2021. - Deforestation due to the cultivation of cocoa, of which Ivory Coast is the world's largest producer of beans, has reduced the surface area of the Ivorian forest from 16 to 2 million hectares, according to environmental experts. Tene is the largest reforestation site in the country, where nurseries of teak, gmelina, samba, sraké and franiré, wood species destined to be planted on plots of land that are being grown from the seeds collected. (Photo by Issouf SANOGO / AFP) (Photo by ISSOUF SANOGO/AFP via Getty Images)
world
World Bank vows to keep board apprised of climate action progress
(FILES) In this file photo taken on April 12, 2021, steam rises from the Miller Coal Power Plant in Adamsville, Alabama. - The IMF on June 18, 2021, issued a report calling for the world's top polluters to adopt an international carbon price floor, arguing it offered a "realistic prospect" to combat climate change. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
international business
Lebanon reverses decision on deposit withdrawals after protests erupt
Lebanese soldiers stand guard as smoke rises from tires set on fire by demonstrators during a protest in Antelias, Lebanon, on June 3, 2021.
economy
Global economy recovering from COVID-19 pandemic, higher rates would hurt: IMF steering committee
People pass by a banner for the World Bank Group/International Monetary Fund Virtual Spring Meetings in Washington, DC on April 7, 2021. - Raising taxes on wealthy firms that have done well during the pandemic is increasingly viewed as a source of revenue to finance pandemic recovery efforts, an idea pushed Wednesday by the IMF and the US. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
international business
Pope Francis urges IMF and World Bank to reduce debt burden of poor countries
This photo taken and handout on April 7, 2021 by the Vatican Media shows Pope Francis holding a live streamed private audience in the library of the apostolic palace in The Vatican, during the Covid-19 coronavirus pandemic. (Photo by Handout / VATICAN MEDIA / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / VATICAN MEDIA" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS (Photo by HANDOUT/VATICAN MEDIA/AFP via Getty Images)
international business
World Bank, IMF to consider climate change in debt reduction talks for poor countries
(FILES) In this file photo taken on October 18, 2019 Demonstrators protest the IMF and World Bank's investments in fossil fuels and urge them to confront climate change as they march outside the World Bank and IMF Headquarters during the organizations, Annual Meetings in Washington, DC. - The United States on February 19, 2021 officially returned to the Paris climate accord, with President Joe Biden vowing to make the fight against global warming a top priority. A month after Biden took office, the world's largest economy and second largest carbon emitter was formally back in the 2015 global agreement aimed at confronting the planet's dangerously rising temperatures. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
european business
Environmental problems top list of fears in World Economic Forum annual risk report
Students demonstrate during a worldwide protest demanding action on climate change, in Milan, Italy, on Sept. 27, 2019.
world
World Bank approves $246-million loan to crisis-struck Lebanon
A closed shop in Jounieh, Lebanon, on Dec. 1, 2020.
economy
Industry leaders believe global economy can shake off pandemic in 2021
A man on a skateboard crosses a street London’s nearly deserted financial district, Tuesday, Jan. 5, 2021, as the United Kingdom re-entered a nationwide lockdown. The global economy faces a subdued recovery in 2021 as countries race to roll out coronavirus vaccines and businesses around the world try to emerge from pandemic lockdowns that have widened income inequality and piled on debt, the World Bank said on Tuesday. (Andrew Testa/The New York Times)
world
Sudan signs agreement to normalize relations with Israel
Sudanese Prime Minister Abdullah Hamdok, left, elbow bumps U.S. Treasury Secretary Stephen Mnuchin at the Cabinet Building, in Khartoum, Sudan, on Jan. 6, 2021.
obituary
James D. Wolfensohn, who led the World Bank for ten years, dies at 86
World Bank Group President James D. Wolfensohn during a press briefing at the International Monetary Fund meetings in Washington, on April 22, 2004.
international business
Zambia’s economic struggle highlights Africa’s debt crisis
A man buys a face mask at a pharmacy in Kitwe, Zambia on Feb. 6, 2020. Facing financial difficulties aggravated by the coronavirus pandemic, The southern African nation of Zambia seems to be headed for a default on debt owed to private investors.
opinion
Building cost-effective, timely and sustainable infrastructure
Ian L. Edwards
opinion
Time to get global co-operation on the agenda
Kevin Lynch and Paul Deegan
international business
Pandemic could force 150 million into extreme poverty, World Bank says
Children walk in the Mathare slum of Nairobi, Kenya, on April 22, 2020.
international business
IMF urges infrastructure investment to boost post-COVID growth
(FILES) In this file photo an exterior view of the building of the International Monetary Fund (IMF), with the IMG logo, is seen on March 27, 2020 in Washington, DC. - Public investment should play a "central role" in the recovery of both emerging and advanced economies from the coronavirus downturn, the IMF said October 5, 2020 ahead of its fall meetings. Stepping up such spending with interest rates low globally could "create millions of jobs directly in the short term and millions more indirectly over a longer period," officials with the International Monetary Fund wrote in a blog post. (Photo by Olivier DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)
report on business
Socially conscious data key for investors: OECD
Angel Gurría, Secretary General of the Organization for Economic Cooperation and Development (OECD), presents the OECD report on Greece during a joint news conference with Greek Prime minister Alexis Tsipras in Athens, Monday, April 30, 2018. Gurria said the OECD expects Greece's economy to grow 2 percent this year and 2.3 percent in 2019. (AP Photo/Petros Giannakouris)
world
UN humanitarian chief urges Canada to push global financial institutions to help poorest countries fight COVID-19
UN Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Mark Lowcock attends a news conference at the United Nations, in Geneva, Switzerland, on Dec. 4, 2018.
asia-pacific business
World Bank unit warns ‘financial crisis’ could hit Asia-Pacific region as insolvencies rise
An electric-rickshaw transports passengers along a street in the old quarters of New Delhi on September 15, 2020. - Coronavirus-ravaged economies across the Asia Pacific will make a "swoosh-shaped" recovery next year, the Asian Development Bank forecast on September 15, but it warned that further restrictions to combat the contagion could derail the region's return to growth. (Photo by Jewel SAMAD / AFP) (Photo by JEWEL SAMAD/AFP via Getty Images)
international business
G20 finance officials stop short of recommending debt freeze extension
FILE PHOTO: Saudi Arabia's central bank governor Ahmed al-Kholifey speaks at the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020. REUTERS/Ahmed Yosri/File Photo
energy and resources
Global agencies step in as pandemic impoverishes artisanal miners
FILE PHOTO: An informal gold miner carries a shovel as he climbs out from inside a gold mining pit at the site of Nsuaem-Top, Ghana November 24, 2018. REUTERS/Zohra Bensemra/File Photo